After the Spring Festival of the Year of the Ox, on February 23, Changxin Fund announced to the public that the manager of Changxin Innovation Driven Fund was changed to a fund manager. The fund will no longer serve as the fund manager due to work needs, and the fund will be managed by Zhu Yufeng alone. "China Business News" noted that Shen Jia currently does not have any funds in his name, and his term is fixed at one year and 73 days.
Public data shows that Changxin Innovation Driven was established at the end of September 2016. It performed well in the first two years of its establishment and ranked among the top 100 similar products. From 2019 to 2021, Changxin Fund’s annual classification ranking fell to the bottom. In 2019, this product ranked 276th among 337 funds, and in 2020, this product ranked 252nd among 403 funds. So far in 2021, this product ranks 499th among 553 funds. It is no exaggeration to say that after experiencing a brief period of glory in the early days of its establishment, the product's performance fell into the abyss.
Shen Jia manages products alone and has poor performance
Veteran Zhu Yufeng’s return prospects are doubtful
According to data from Tiantian Fund Network, Shen Jia started to drive management innovation on December 12, 2019. As of the time he resigned on February 22 this year, he had recorded returns of approximately 1 year and 1 quarter. is 54.12%. Considering that the past two years have been big years for public funds, this level of performance should basically be outside the passing line.
Due to poor performance, the fund also encountered investors voting with their feet. As of the end of last year, the latest scale of this product was approximately 49 million yuan, and the liquidation alarm has been vaguely sounded. This was supposed to be a year for the structural bull market to show its strength, but why did fund manager Shen Jia fail to break through against the trend?
The first is the leading stock that is suspected of being in the wrong sector. The largest reductions in holdings in the first and second quarters of last year were pharmaceutical stocks. However, the focus of pharmaceutical stocks last year was still on anti-epidemic gloves, disinfectants, ventilators, etc. Popular subdivision tracks such as subdivision tracks and CRO are also favored. The stock price of the major producer of chemicals rose by approximately 38.24% throughout the year. Overall, fund managers still strictly abide by the fund contract and focus on technology stocks. After a brief style drift that saw no results, they quickly returned to their roots. For example, in the second quarter, fund managers invested heavily in two companies, including Sanqi Interactive Entertainment and Perfect World. Online gaming stocks on the market.
But the problem is that technology stocks, led by semiconductors, suffered setbacks last year due to the impact of the epidemic on supply and demand, and then encountered raw material constraints due to tensions between China and the United States. The overall technology sector did not soar as it did the year before. The large-scale heavy positioning in this sector obviously does not work well. The problem is that if the fund company determines that Shen Jia is good at investing in technology stocks, it should give the fund manager a longer time; if it does not think that the fund manager is good at technology, it should not let him serve technology-themed fund products from the beginning.
"Yicai Caixin" discovered that the fund manager who replaced Shen Jia was Zhu Yufeng, who had left the company for the second time. Public information shows that the fund manager has been working for nearly three and a half years. From October 19, 2017 to December 30, 2019, he managed the fund for 2 years and 72 days, but his return rate during his tenure was only 6.79%. Perhaps his departure from the fund at that time was related to the poor performance of the managed products. But what he didn't expect was that on February 10, 2021, he was reappointed by the company as the fund manager of the fund. Perhaps the reason is related to his subsequent good performance in managing Changxin Shuangli First, but can he still shine as a fund manager after returning to Changxin's innovation drive? "Yicai Caixin" found that his good performance in Changxin Shuangli Select was mainly related to his successful exploration of Hong Kong stocks.
Two new stock funds launched simultaneously in the Year of the Ox
Fund managers' lack of horoscopes to compete for hot products is worrying
While depriving Shen Jia of his seal, Changxin Fund is also seizing the opportunity to launch new public fund equity products. "Yicaixin" found that the company currently has two equity products on the market. They are Changxin Enterprises' preferred one-year holdings, which were issued on March 1 and will be issued on March 15. Changxin's stable and balanced 6-month holding period has mixed results. The proposed fund manager of the former is Ye Song, while the proposed fund managers of the latter are Li Jiachun and Wu Hui.
Among them, the core figure worthy of attention is Ye Song. Judging from the selection of Changxin Enterprises, which he has been in charge of for the longest time, there are almost no leaders in popular segments among product heavyweights. The typical one is Tencent Holdings, but the non-mainstream stocks he selected such as Spring Airlines and Geely Automobile have performed well recently, but in the long run, they are not the first choice for institutions.
At the same time, "Yicaixin" noticed that he had managed many funds in the company, but most of them have resigned. On January 18 this year, he also resigned from the new Changxin Zengli Dynamic Strategy, which took the management of the strategy nearly six years to double its returns. Judging from his style, he may be suitable for the defensive thinking that shakes the market, but it is difficult for the combination to achieve alpha returns. In addition, military funds have performed particularly poorly. The current net worth has dropped by nearly 10%, and its ranking among similar funds has been directly at the bottom. This also has an indirect adverse impact on the issuance of new funds.
So, when will the fund manager who once criticized Cai Songsong in his financial report launch a new product and successfully deliver a blow to the company?
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标签： #Fund Manager #Fund #Shen Jia #Stocks
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